Champions Oncology Reports Fiscal 2012 Second Quarter Financial Results

Hackensack, NJ – December 14, 2011 – Champions Oncology, Inc. (OTC: CSBR) reported the following results:

Fiscal Year 2012 Second Quarter Financial Results

Operating revenues were $1.7 million and $0.9 million for the three months ended October 31, 2011 and 2010, respectively, and $3.4 million and $2.5 million for the six months ended October 31, 2011 and 2010, respectively.

Total operating expenses were $4.2 million and $1.9 million for the three months ended October 31, 2011 and 2010, respectively, and $8.0 million and $4.1 million for the six months ended October 31, 2011 and 2010, respectively.

Champions reported a net loss of $2.3 million , or ($0.05) per share and $0.05 million, or ($0.00) per share for three months ended October 31, 2011 and 2010, respectively, and $4.4 million, or ($0.09) per share and $0.65 million, or ($0.02) per share for the six months ended October 31, 2011 and 2010, respectively.

Champions recognized a net loss of $1.5 million, excluding stock based compensation of $0.9 million, or ($0.03) per share and net income of $0.1 million, excluding stock based compensation of $0.2 million, or $0.00 per share for three months ended October 31, 2011 and 2010, respectively, and net losses of $2.5 million, excluding stock based compensation of $1.9 million, or ($0.05) per share and $0.3 million, excluding stock based compensation of $0.4 million, or ($0.01) per share for the six months ended October 31, 2011 and 2010, respectively.

Operating Results

Translational Oncology Solutions

Revenues from Transitional Oncology Solutions (TOS) were $1.2 million and $0.6 million for the three months ended October 31, 2011 and 2010, respectively, an increase of $0.6 million or 100%. TOS revenues were $2.2 million and $1.1 million for the six months ended October 31, 2011 and 2010, respectively, an increase of $1.1 million or 100%. These increases in TOS revenues were due primarily to the Company’s increased sales efforts and investments in its technology platform.

Cost of TOS was $0.6 and $0.4 million for the three months ended October 31, 2011 and 2010, respectively, an increase of $0.2 million, or 50%. Cost of TOS was $1.1 million and $1.0 million for the six months ended October 31, 2011 and 2010, respectively, an increase of $0.4 million, or 57%. The increase in cost of sales was due to increased sales volume of the TOS business.

Personalized Oncology Solutions

Revenues from Personalized Oncology Solutions (POS) were $0.6 million and $0.3 million for the three months ended October 31, 2011 and 2010, respectively, an increase of $0.3 million, or 100%. POS revenues were $1.2 million and $1.4 million for the six months ended October 31, 2011 and 2010, respectively, a decrease of $0.2 million, or 14%. The six month decrease can be attributed to the Company’s strategic decision to reengineer its products to facilitate lower price points which are expected to result in higher volumes. The Company experienced significantly higher volumes compared to the prior year, but they were not sufficient to overcome the impact of price decreases.

Cost of POS was $0.5 and $0.2 million for the three months ended October 31, 2011 and 2010, respectively, an increase of $0.3 million, or 150%. Cost of POS was $0.9 million and $0.5 million for the six months ended October 31, 2011 and 2010, respectively, an increase of $0.4 million, or 80%. The increase in cost of sales corresponds to the higher sales volumes achieved in fiscal year 2012.

Research and Development

Research and development expense was $1.0 million and $0.7 million for the three months ended October 31, 2011 and 2010, respectively, an increase of $0.3 million, or 43%. Research and development expense was $1.6 million and $1.5 million for the six months ended October 31, 2011 and 2010, respectively, an increase of $0.1 million, or 7%. The increase from prior year periods was primarily related to our continued investment in growing our technology platform.

Sales and Marketing

Sales and marketing expense was $0.7 million and $0.1 million for the three months ended October 31, 2011 and 2010, respectively, an increase of $0.6 million. Sales and marketing expense was $1.3 million and $0.1 million for the six months ended October 31, 2011 and 2010, respectively, an increase of $1.2 million. The year to date increase is primarily related to an increase in our costs associated with increasing our sales force to align with the Company’s growth strategy.

General and Administrative Expenses

General and administrative expense was $1.5 million and $0.6 million for the three months ended October 31, 2011 and 2010, respectively, an increase of $0.9 million. General and administrative expense was $3.1 million and $1.3 million for the six months ended October 31, 2011 and 2010, respectively, an increase of $1.8 million. These increases are primarily related to an increase in stock-based compensation and an increase in Company personnel due to growth.

For the second quarter of fiscal 2012, the Company reported a net loss of $2.3 million, or ($0.05) per share, compared to a net loss of $0.05 million, or ($0.00) per share, in the corresponding quarter of fiscal 2011. In addition to the factors described above, the Company’s net losses reflect non-cash expenses, i.e., share-based compensation and depreciation, of $0.9 million or ($0.02) per share, in the second quarter of 2012 compared to $0.2 million, or ($0.00) per share, in the second quarter of 2011.

The Company’s cash position on October 31, 2011 was $7.1 million.

* Non-GAAP Financial Information

See the attached Reconciliation of GAAP Net Loss to Non-GAAP Net Loss for an explanation of the amounts excluded to arrive at non-GAAP net loss and related non-GAAP loss per share amounts for the fiscal second quarter ended, 2012 and 2011, respectively. Non-GAAP financial measures provide investors and management with supplemental measures of operating performance and trends that facilitate comparisons between periods before and after certain items that would not otherwise be apparent on a GAAP basis. Certain unusual or non-recurring items that management does not believe affect the Company’s basic operations do not meet the GAAP definition of unusual or non-recurring items. Non-GAAP net loss and non-GAAP loss per share are not, and should not be viewed as a substitute for similar

GAAP items. We define non-GAAP diluted loss per share amounts as non-GAAP net loss divided by the weighted average number of diluted shares outstanding. Our definition of non-GAAP net loss and non-GAAP diluted loss per share may differ from similarly named measures used by others.

Full details of the Company’s financial results will be available in the Company’s Form 10-Q at www.championsoncology.com.